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Butterfly Network (BFLY) Soars 55.9%: Is Further Upside Left in the Stock?
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Butterfly Network, Inc. (BFLY - Free Report) shares soared 55.9% in the last trading session to close at $8.9. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 30.1% gain over the past four weeks.
Butterfly Network scored a strong price increase on investors’ optimism surrounding Midjourney’s launch of Midjourney Medical and The Midjourney Scanner - a full-body tomographic imaging machine. The scanner prototype incorporates 40 Butterfly Ultrasound-on-Chip imaging modules per system, licensed under a co-development agreement between the two companies.
This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +50%. Revenues are expected to be $28.1 million, up 20.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Butterfly Network, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BFLY going forward to see if this recent jump can turn into more strength down the road.
Butterfly Network belongs to the Zacks Medical Info Systems industry. Another stock from the same industry, CareCloud, Inc. , closed the last trading session 0.5% lower at $2.18. Over the past month, CCLD has returned -6.4%.
CareCloud's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.07. Compared to the company's year-ago EPS, this represents no change. CareCloud currently boasts a Zacks Rank of #4 (Sell).
View the Zacks #1 Rank List
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Butterfly Network (BFLY) Soars 55.9%: Is Further Upside Left in the Stock?
Butterfly Network, Inc. (BFLY - Free Report) shares soared 55.9% in the last trading session to close at $8.9. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 30.1% gain over the past four weeks.
Butterfly Network scored a strong price increase on investors’ optimism surrounding Midjourney’s launch of Midjourney Medical and The Midjourney Scanner - a full-body tomographic imaging machine. The scanner prototype incorporates 40 Butterfly Ultrasound-on-Chip imaging modules per system, licensed under a co-development agreement between the two companies.
This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +50%. Revenues are expected to be $28.1 million, up 20.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Butterfly Network, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BFLY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Butterfly Network belongs to the Zacks Medical Info Systems industry. Another stock from the same industry, CareCloud, Inc. , closed the last trading session 0.5% lower at $2.18. Over the past month, CCLD has returned -6.4%.
CareCloud's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.07. Compared to the company's year-ago EPS, this represents no change. CareCloud currently boasts a Zacks Rank of #4 (Sell).